Since 1 April 2023, all firms in the regulated sector have been required to carry out proliferation financing (PF) risk assessments.
This applies to all regulated entities, from law firms to financial services, casinos to cryptocurrency.
Regulated entities can create a new risk assessment on proliferation financing or incorporate PF risks into existing AML and terrorist financing risk assessments. However, regulators expect firms to take action to understand the risk of PF and how to mitigate it in their business. Failing to do so can result in a breach of the Money Laundering Regulations.
One year into this new requirement on the regulated sector, how effective have the new regulations been? What are the key strategies for compliance, and what are the best practice tips for ensuring PF obligations are met? In this webinar, we looked at the issue of proliferation financing in detail, discussed strategies for compliance, and shared best practices for understanding and mitigating PF risks.
This one-hour session covered:
– What proliferation financing is and the jurisdictions and industries at risk
– The differences and similarities between proliferation financing, money laundering and terrorist financing
– Practical examples of how proliferation financing can happen
– Proliferation red flags and high risk indicators
– Strategies and technologies to counter the risk of proliferation financing
– How to undertake a proliferation financing risk assessment
